Real Estate Acquisitions in Illinois

Outrig has acquired Lakes Region Business Rentals, a multi-building small-bay industrial facility in Lakemoor, Illinois, and will rebrand it as Outrig Commerce Park Lakes Region. The acquisition expands Outrig’s small-bay industrial and storage portfolio and strengthens its presence in Lake County, Illinois, where this becomes its second acquisition.

Chicago-based Westward360 has merged with The Apartment Source's property management division, assuming management responsibilities while allowing The Apartment Source to focus on multifamily leasing. The transaction expands Westward360's Chicago-area portfolio and market reach while enabling TAS to concentrate on its core leasing business.

Peoples Company has acquired Oswego, Illinois-based Land Pro LLC effective January 1, 2025. Land Pro LLC and owner Ray Brownfield became an affiliate of Peoples Company and will continue operating under the Land Pro name while gaining access to Peoples Company's technology, capital markets resources, and expanded Illinois presence.

Compass, Inc. has purchased Chicago-based real estate services firm @properties from Quad-C Management. The acquisition brings @properties' brokerage network, title and mortgage businesses, Christie's International Real Estate affiliation and proprietary technology platform into Compass's national residential brokerage platform.

Storage Post Self Storage has acquired five existing self-storage facilities across Chicago neighborhoods (Albany Park, Belmont, Edgewater, Little Village and Uptown), marking the company's entrance into the Midwest market. The acquisitions expand Storage Post's multi-state portfolio and bring its amenity-focused, climate-controlled storage product to the Chicagoland area.

TriSpan has partnered with industry veteran Brian Duggan to launch ProperXPM, a PE-backed residential multifamily property management platform focused on consolidating property managers nationwide. ProperXPM will grow organically and through acquisitions, leveraging a technology partnership with Livly to deliver centralized, tech-driven operational services and improve NOI for building owners.

Shore Capital Partners has formed a growth partnership with Bundled Management, a national property management platform founded in 2018 that provides property management, maintenance, and ancillary services to homeowner associations and real estate investors. The investment will support Bundled’s national expansion, technology enhancement, and team development as Shore works with Bundled’s leadership and a newly assembled board to scale the business.

Flyhomes has entered a definitive agreement to acquire certain assets and the Home Sale Assured brand from Innovative Holdings, LLC. The deal brings Home Sale Assured founder Eric Meadow into Flyhomes in a senior executive role and expands Flyhomes' "buy before you sell" Guaranteed Backup Contract offering for lenders, realtors and consumers.

Second Home Management has acquired AllSet Turnover, a Chicago-based short-term rental management company founded in 2014 that managed more than 150 rental units. Raincatcher and AJL Atelier advised and represented AllSet in the sale. The acquisition expands Second Home Management's platform presence and local capabilities in the Chicago market.

Lessen has acquired SMS Assist in a cash-and-stock transaction backed by roughly $500 million of new debt and equity financing from investors including Monroe Capital, Värde Partners and Koch Real Estate Investments. The combination creates a national, tech-enabled property services platform serving ~250,000 properties and processing ~2.5 million maintenance orders annually, with Lessen founder Jay McKee leading the combined company.

3STEP Sports has acquired Sports Made Personal (SMP), an Illinois-based youth sports organization that operates soccer and lacrosse clubs, leagues, events, travel and technology offerings. The deal brings SMP's clubs and technology into 3STEP's national platform while retaining SMP's leadership and staff to expand 3STEP's presence in the Midwest.

Home365, a San Jose-based PropTech platform, acquired Paper Street Realty to support management of its Chicago real estate investments and expand its OneRate NOI-backed offering into the Chicago market. The acquisition brings Paper Street's local team and management of more than 500 units into Home365's end-to-end property management and investment platform, enabling geographic expansion and local operational capability in Chicago.

Zillow Group announced the acquisition of ShowingTime, an online home showing scheduling platform and Accel-KKR portfolio company, for $500 million. ShowingTime will continue to operate as an open platform under Zillow and Zillow plans to invest in and integrate ShowingTime's touring technology to improve scheduling and touring experiences for agents and consumers.

Stellus Capital Management led a strategic growth capital investment in Elmdale Partners, with participation from LBC Small Cap SBIC and Jones Capital. The funding will support Elmdale’s geographic expansion, M&A activity, technology upgrades for its network of independent agents, and refinancing of existing debt.

Spruce, a provider of lifestyle services to the multifamily sector, has acquired Chicago-headquartered housekeeping startup The Minte to expand its housekeeping and on-demand chores offering and enter the Chicago market. The deal makes Chicago Spruce's 14th market and gives The Minte greater scale and access to Spruce's logistics and property-management partnerships.

Berkadia acquired the apartment brokerage practice of Moran & Company, integrating a 31-member team (including 15 institutional sales advisors) and launching Berkadia Institutional Solutions, powered by Moran. Moran Co-Chairman Mary Ann King will join Berkadia as Co-Head of Investment Sales to lead the integration and expansion of Berkadia’s institutional investment sales capabilities.

Move, Inc., operator of realtor.com and a News Corp subsidiary, acquired Chicago-based Avail, a platform serving DIY landlords and renters with online rental management tools. The acquisition expands realtor.com's capabilities and audience in the residential rental market by integrating Avail's listing content, workflow tools and customer base into realtor.com's platform.

Chicago-based property manager Westward360 has acquired the community association managed portfolio of Pabcor Management, expanding its footprint in the northwest Chicago suburbs around Prospect Heights, Illinois. The deal adds several thousand residential units to Westward360's portfolio, brings some Pabcor staff into Westward360, and supports local growth and operational efficiencies.

Long Ridge Equity Partners made a growth capital investment in Neighborhoods.com, the parent company of 55places.com, becoming the company's first outside investor. Long Ridge principals Angad Singh and Dan Hang will join the board to support product and market expansion as Neighborhoods.com pursues adjacent verticals and continued growth of its online real estate marketplaces.